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\begin{document}

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\section{Empirical Analysis: The Case of Argentina}

\begin{figure}[H]
  \centering
  \caption{Argentina's Misreport of Inflation and Decoupling of Spreads}
  \begin{subfigure}[b]{0.46\textwidth}
    \centering
      \caption{Argentina's measures of inflation}
    \includegraphics[width=1.05\textwidth]{../01_Main/Figure_Inflation_monthly.pdf}
  \end{subfigure}
  ~ 
  \begin{subfigure}[b]{0.46\textwidth}
    \centering
    \caption{Latin America's bond spreads}
    \includegraphics[width=1.05\textwidth]{../01_Main/Figure_EMBI_LATAM.pdf}
  \end{subfigure}
\end{figure}


\begin{figure}[H]
  \caption{Break-even Inflation Rate}
  \includegraphics[width=0.65\textwidth]{../01_Main/Scatter_BE_residSP_Window_0_Year_2007.pdf}
\end{figure}


\begin{table}[H]
\caption{Summary Statistics}
\smaller
  \input{../01_Main/SummaryStats_Window_0_Year_2007.tex}
\end{table}


\begin{table}[H]
  \smaller
    \caption{Effects of Inflation Misreport on Sovereign Spreads}
  \input{../01_Main/IV_Regression_EMBI_ARG_Change.tex}
\end{table}


\begin{figure}[H]
  \caption{OLS Estimates - Rolling Windows}
  \includegraphics[width=0.6\textwidth]{../01_Main/OLS_RollingWindows_Window_0.pdf}
\end{figure}


\begin{table}[H]
  \caption{Effects of Inflation Misreport on Stock Returns}
  \input{../01_Main/IV_Regression_Merval_Change.tex}
\end{table}



%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% -------------------------   APPENDIX   ------------------------- %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%

\appendix
\pagebreak

% APPENDIX B
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\section{Empirical Analysis}
\setcounter{subsection}{1}

\subsection{List of Event Days}
List

\begin{table}[H]
  \caption{Reporting Dates}\label{tab: AnnouncementDates}
  \centering{}{\tiny{}}%
  \input{../02_Appendix/Table_Reporting_Dates.tex}
\end{table}

\subsection{Argentina's Fundamentals}
Plots


\begin{figure}[H]
  \caption{Argentina versus LATAM countries}
  \centering
  \begin{subfigure}[b]{0.50\textwidth}
    \caption{GDP growth (real, year-year in \%)}
    \includegraphics[width=1.0\textwidth]{../02_Appendix/LATAM_RealGDPgrowth.pdf}
  \end{subfigure}
  ~    
  \begin{subfigure}[b]{0.50\textwidth}
    \caption{Stocks growth (USD, year-year in \%)}
    \includegraphics[width=1.0\textwidth]{../02_Appendix/stocks_growth.pdf}
  \end{subfigure}
\end{figure}

\subsection{Analysis of Bond Yields and Break-even Inflation Rate} 
Plots and tables

\begin{table}[H]\footnotesize
  \caption{Static Information for Argentina's Bonds}
  \begin{subtable}[b]{1\textwidth}
    \caption{Dollar-denominated Bonds}
    \centering
    \input{../02_Appendix/Dollar_Pesos_static.tex}
  \end{subtable}
  \newline
  \begin{subtable}[b]{1\textwidth}
    \caption{Inflation-linked Bonds}
    \centering
    \input{../02_Appendix/IIBs_static.tex}
  \end{subtable}
\end{table}



\begin{figure}[H]
  \caption{Yield of Argentina's Bonds}
  \begin{subfigure}[b]{1\textwidth}
    \centering
    \caption{Dollar-denominated Bonds}
    \includegraphics[width=0.75\textwidth]{../02_Appendix/Yields_Dollars_Bonds_graph.pdf}
    \captionsetup{font={small}, margin={0cm,0cm}}
  \end{subfigure}
  \newline
  \begin{subfigure}[b]{1\textwidth}
    \centering
    \caption{Inflation-index Bonds}
    \includegraphics[width=0.75\textwidth]{../02_Appendix/YieldsIIBs_graph.pdf}
  \end{subfigure}
\end{figure}

\begin{figure}[H]
  \centering
  \caption{ Break-even Inflation Rate---Different Measures}
  \includegraphics[width=0.55\textwidth]{../02_Appendix/BE_DollarBonds_graph.pdf}
\end{figure}


\clearpage
\subsection{Inflation Misreport and Changes in the BE inflation rate}
Plots
\begin{figure}[H]
  \centering
  \caption{Changes in Break-even Inflation Rate and Inflation Misreport} 
  \begin{subfigure}[b]{0.46\textwidth}
    \centering
    \caption{Pre March 2008}
    \includegraphics[width=1.0\textwidth]{../02_Appendix/Scatter_BE_Misreport_Scatter_pre.pdf}
  \end{subfigure}  
  ~ 
  \begin{subfigure}[b]{0.46\textwidth}
    \centering
    \caption{Post March 2008}
    \includegraphics[width=1.0\textwidth]{../02_Appendix/Scatter_BE_Misreport_Scatter_post.pdf}
  \end{subfigure}    
\end{figure}


\clearpage
\subsection{Discussion: Exchange Rate Risk} Plots

\begin{figure}[H]
  \centering
  \caption{Changes in Expected Depreciation Rate and Inflation Misreport}
  \begin{subfigure}[b]{0.40\textwidth}
    \centering
    \caption{Forwards}
    \includegraphics[width=1.0\textwidth]{../02_Appendix/Scatter_Devaluation_Misreport_Scatter_no_average.pdf}
  \end{subfigure}  
  ~ 
  \begin{subfigure}[b]{0.40\textwidth}
    \centering
    \caption{Forwards (5-day Moving Average)}
    \includegraphics[width=1.0\textwidth]{../02_Appendix/Scatter_Devaluation_Misreport_Scatter_average.pdf}
  \end{subfigure}  
  \\
  \begin{subfigure}[b]{0.40\textwidth}
    \centering
    \caption{Expectations Survey}
    \includegraphics[width=1.0\textwidth]{../02_Appendix/Scatter_Dmisrep_Ddeprec12m_v3.pdf}
  \end{subfigure}  
  ~ 
  \begin{subfigure}[b]{0.40\textwidth}
    \centering
    \caption{Deposit Rate Differentials}
    \includegraphics[width=1.0\textwidth]{../02_Appendix/Scatter_Dmisrep_DdiffFijo.pdf}
  \end{subfigure}
\end{figure}


\begin{figure}[H]
  \centering
  \caption{Changes in Yields Differential and Inflation Misreport}
  \begin{subfigure}[b]{0.46\textwidth}
    \centering
      \caption{Pre March 2008}
    \includegraphics[width=1.0\textwidth]{../02_Appendix/Scatter_Yield_Misreport_Scatter_pre.pdf}
  \end{subfigure}
  ~ 
  \begin{subfigure}[b]{0.46\textwidth}
    \centering
    \caption{Post March 2008}
    \includegraphics[width=1.0\textwidth]{../02_Appendix/Scatter_Yield_Misreport_Scatter_post.pdf}
  \end{subfigure}    
\end{figure}


\newpage

\subsection{Test of Identifying Assumption}Table

\begin{table}[H]
\caption{Test of Identifying Assumption}
\centering
\input{../02_Appendix/Ftest_heterosk_Year_2007.tex}
\end{table}


\newpage
\subsection{Robustness Analysis}
Tables \\
\textit{OLS Estimates}

\begin{table}[H]\footnotesize
  \renewcommand{\arraystretch}{0.9}
  \caption{OLS Regression}
  \begin{subtable}[b]{1\textwidth}
    \caption{January 2007-February 2008}
    \centering
    \input{../02_Appendix/OLS_Regression_Year_2007.tex}
  \end{subtable}
  \newline
  \vspace{10pt}
  \begin{subtable}[b]{1\textwidth}
    \caption{January 2010-February 2011}
    \centering
    \input{../02_Appendix/OLS_Regression_Year_2010.tex}
  \end{subtable}
\end{table}

\textit{Event Study Results}

\begin{table}[H]\small
  \caption{Event-study Approach}
  \input{../02_Appendix/EventStudy_2dayWindow.tex}
\end{table}



\newpage
\setcounter{subsection}{9}
\subsection{Identified Structural VAR}
Figure
\begin{figure}[H]
  \caption{Impulse Response to a Misreport Shock}
  \includegraphics[width=0.8\textwidth]{../../02_SVAR/02_Figures/SVAR_LongSample.pdf}
\end{figure}

\end{document}